PrivatBank increase contactless card limits to 50 euro

To limit the spread of the Covid-19 in Latvia by reducing direct human contact, physical contact with the surface of card terminals and thus contact with other people, PrivatBank will raise the contactless limit for card payments to 50 Euro from March 26th.

The limit will apply until the end of the state of emergency announced by the government. Although the risk of the spread of Covid-19 with electronic payment methods versus cash is low, this solution will further reduce the need to touch the card terminal number pad, which is one of the surfaces most frequently-touched by customers in stores.

From January this year, all card terminals or POI in the European Union must have contactless technology. Cases of fraud using contactless card payments have been very low thus far. If a client is not discovered to have been careless (such as losing their card without notifying the bank for an extended period) or acted against the law, all losses incurred due to fraud are compensated. Contactless, PIN-free payments do not have an unlimited time frame; customers must enter their PIN code after a certain number of purchases. We would like to draw attention to the fact that, for example, on public transport or on the street, other people cannot withdraw cash from a contactless card or mobile device without a PIN code. Payments can only be made using a payment terminal maintained by a financial institution.

For more information please visit Finance Latvia Association